In the past few years, we Americans have seen gas prices soar past the $4 per gallon mark and experienced the first and second generation of green-technology hybrid automobiles. Many folks have seen these new hybrids as a way to get better (and sometimes much better) gas mileage AND save considerable money. The question to ask is: Do the numbers support this perception?
The simple answer is No. If you are thinking about investing in one of the new hi-MPG cars, don’t make the move thinking you’ll be saving money. Let’s look at the figures.
The five-year costs of owning and driving the 50mpg 2010 Toyota Prius V are about $35,000. The costs of owning and operating a five year old vehicle worth $8,000 that gets a whopping 15 MPG is less than $9,000.
To make up the $26,000 difference would take you over 29 years at $2.50/gal. Even at $4/gallon it would take 18 years to recoup your investment. And what if gas skies to an unbelievable $5 per gallon? Well, then it will only take only 14 years to get your money back.
So in the long run, if your current car still does the job – and if you maintain it regularly and properly you can save over $26,000 over the next five years. And let me tell you, that buys a lot of gas.
Catalytic Converter Theft on the Rise! Are You Prepared?
If you notice your car is louder than normal, you may want to check the catalytic converter. As in, check to make...